Around late March 2021, the Indian national government shook the digital community with its plans to blanket ban cryptocurrencies. A senior government official shared that the proposed bill — The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 — would criminalise any activity involving crypto assets.
While there are already millions of Indian investors and startup companies venturing into that space, the bill explains that the volatile value of digital currencies could create long-term financial failure in the economy. Far from what the sponsors believe in, various crypto news today actually show a surge of opportunities.
In June, blockchain data firm Chainalysis announced that crypto investments in India skyrocketed in a 612% increase. It jumped from $923 million in April 2020 to nearly $6.6 billion in May 2021. As of late, there are more than 15 million crypto traders in India.
India is among the largest markets of gold. The element is historical, cultural, and now, about to become obsolete. In late April, circulating reports warned the public that the demand for it could fluctuate due to the problematic COVID-19 lockdowns. As such, gold-aficionado Indians are turning into the crypto market. Akin to what’s happened in Turkey, citizens shifted to Bitcoin and other leading digital currencies in the past few years, dubbing the former coin as ‘digital gold’.
32-year-old fashion entrepreneur Richi Sood is one of the many figures who pivoted away from gold in exchange for crypto. Since December 2020, she has put in over ₹1 million (about $13,400) into Bitcoin, Ether, and Dogecoin. ‘Crypto is more transparent than gold or property, and returns are more in a short period of time’, she said. Fortunately, she was right. At that time, BTC’s value was worth $60,000 in February and April.
On a similar note, a 33-year-old businessman in Punjab named Shanky Singla ceased crypto activities for a year until deciding to embrace Bitcoin more. ‘The growth with which bitcoin has increased is exponential’, he stated.
Sood and Singla’s stories shed light on a more important matter. What makes digital currencies so sought-after despite their inherent volatile nature? Aside from the implications of the pandemic, it all boils down to convenience. The growth of the 23 million Indian traders is said to be from the 18 to 35 years old spectrum. The latest data from the London-based World Gold Council pointed out that people under age 34 have less interest in investing in gold.
According to Sandeep Goenka, the co-founder of crypto exchange ZebPay, those people find it simpler and faster to invest in crypto than gold. Given that the digital world is accessible anywhere and anytime, anyone could buy digital assets without verifying them like gold.
Those innovative yet basic benefits are supported by Tabassum M Adur, a founder of a PR firm in Karnataka. She shared that there is more financial freedom and privacy in crypto — a more seamless activity to use compared to other options available.
Coinbase, one of the world’s leading crypto exchange platforms, announced its plans in expanding the team in India. In a tweet on July 2, CEO and co-founder Brian Armstrong invited potential employees to the job openings.
The American company is fully committed to expanding the worlds of crypto and blockchain in the country. As of yet, the open teams are the engineering, product and design, and support function teams. It’s a ‘sustainable, well-rounded tech hub’, as they say.
With more investors and people joining the Indian crypto market, there is more to unlock the potential of crypto and blockchain. In the meantime that the regulation remains under review, have fun reading a sports betting review as you bet with crypto, buy items, or trade with up-and-coming altcoins, to name a few.
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This content was created in association with QwertyLabs